All Financial wellbeing articles – Page 84
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Case StudiesThe benefits offered by Royal Mail
The benefits offered by Royal Mail:Pensions, pay and group riskRoyal Mail's defined benefit (DB) pension scheme was closed to new members in March 2008 and new employees are provided with a defined contribution (DC) pension. The DB arrangement closed to future accrual in March 2018; members of this scheme have ...
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Supplier articleThe financial wellbeing benefits you may not have considered
When you think of your typical financial wellbeing benefits, you might think of financial education for employees, salary deducted loans and investment ISA’s for your employees. However, if your employee’s financial wellbeing is a key focus of your employee benefits package, you need to think outside the box and consider ...
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ArticleTwo-fifths feel their quality of work is affected by financial worries
Two-fifths (41%) of employees believe their quality of work is affected when they are uneasy about the state of their finances, according to research by financial wellbeing provider Salary Finance.Its survey of around 10,000 UK employees also found that 77% trust their employer to treat their financial situation as confidential.Asesh ...
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ArticleAlmost half of workplaces do not have an official policy on home working
Just under half (47%) of employees' workplaces do not have an official policy on working from home, according to research by job listing website Monster.co.uk.Its survey of 5,500 employees also found that 15% are concerned about colleagues judging them for being out of the office, while 11% worry that they ...
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ArticleBT and Siemens shortlisted for Best pensions communications
Telecommunications provider BT, construction business Kier Group and technology organisation Siemens are among those shortlisted for the Best pensions communications category at this year’s Employee Benefits Awards and Summer Party.The Best pensions communications award celebrates employers that have implemented effective strategies in order to engage employees with their retirement savings ...
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Case StudiesThe Phoenix Group places wellbeing at the centre of benefits strategy
After an acquisition in September 2018 that saw life fund consolidator The Phoenix Group grow from 800 to around 4,300 employees in the UK, the organisation set out to ensure that benefits provisions are clearly aligned, and that there is a strong emphasis on employee wellbeing.Although the acquisition of Standard ...
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Case StudiesThe benefits offered by The Phoenix Group
The benefits offered by The Phoenix Group, excluding Standard Life Assurance:Pension and protectionFor auto-enrolment purposes, The Phoenix Group provides a defined contribution (DC) pension scheme, matching employee contributions up to 5%. From April 2019, employees contribute a minimum of 2% of their base salary and the organisation contributes 5%, in ...
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ArticleEXCLUSIVE: Seven in 10 multinationals have effective global benefits strategies
EXCLUSIVE: Seven in 10 (70%) employers have effective global benefits strategies and structures, according to research by professional services firm Aon.Its Global benefits governance and operations study 2018-2019, which surveyed more than 200 multinational organisations with workforces of between 10,000 and 100,000, also found that 60% want to create a ...
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ArticleNew Zealand launches consultation to support older staff
The New Zealand government has launched a consultation on its draft strategy to better support older individuals, including encouraging the employment of those aged over 50.The Better later life: 2019 to 2034 consultation opened on 12 April 2019 and will run until 3 June 2019. Following this, the government will ...
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Case StudiesSiemens changes pension structure ahead of 2019’s auto-enrolment increases
Ahead of the auto-enrolment minimum contribution changes in April 2019, global technology organisation Siemens amended its defined contribution (DC) structure with a view to creating behavioural change.Siemens, which employs 15,000 staff in the UK overall, 11,000 of whom are enrolled in the pension scheme, now offers enhanced matching contributions based ...
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AnalysisAddressing increases to auto-enrolment contributions to maximise financial wellbeing
Need to know:As auto-enrolment minimum contributions increase in April 2019, some employees may opt out of their pension in order to address present financial concerns.A communications approach that puts the changes into monetary values, and considers finance holistically, can bolster employee understanding.Using a salary sacrifice pension arrangement can mitigate rising ...
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ArticleSky and Virgin Active shortlisted for Best financial wellbeing strategy, large employer
Utilities organisation Anglian Water, telecommunications business Sky and health club chain Virgin Active are among the organisations shortlisted for the Best financial wellbeing strategy, large employer category at the Employee Benefits Awards 2019.The award, sponsored by financial education and guidance provider Wealth at Work, recognises an employer that uses a ...
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ArticleMore than three-fifths of UK staff want more financial support from organisations
Almost three-fifths (57%) of employees believe organisations should do more to financially support their staff, according to research by workplace short-term finance provider GettaSub.Its survey of 2,000 UK employees also found that 44% think they are not getting enough support from their employer for financial advice, while 37% believe their ...
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ArticleAsda proposes new contract for hourly-paid retail staff
Supermarket retailer Asda has proposed a new contract for its hourly-paid retail employees in England, Scotland and Wales, offering to increase pay to £9 an hour but cut paid breaks.Asda has proposed the new employment contract in order to provide a standardised offering across all its retail employees in the ...
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ArticleStarbucks extends education benefit to 5,000 UK employees
US-based coffee organisation Starbucks has extended its education benefit, offering to pay the tuition fees for online university degrees for its 5,000 UK employees.The Starbucks Degree Achievement Plan (SDAP) will enable UK-based staff to undertake a university degree programme with Arizona State University (ASU) via an online portal, with Starbucks ...
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AnalysisHow can employers stay on top of the changing pensions landscape?
Need to know:Staying informed about regulatory changes around pensions ensures employers can respond quickly and in an educated fashion.The multitude of regulatory changes in recent years mean that employers and trustees may be focusing more on keeping pace than developing effective long-term strategies.Organisations can engage their employees in managing pensions ...
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OpinionLesley Alexander: The pensions employee experience
At The Pensions and Lifetime Savings Association’s (PLSA) conference this year, the key theme centred on engaging employees with their workplace pensions.Outside of the interested few, this can undoubtedly be an uphill struggle. However, if we do not address the under-saving culture in the UK, we will be faced with ...
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ArticleEXCLUSIVE: Arup launches digital financial wellbeing tool for 5,700 UK staff
EXCLUSIVE: Multinational engineering and design organisation Arup has launched a digital financial wellness tool for its 5,700 UK employees.The online tool, which was launched on 22 March 2019, will be provided to UK-based staff, who are spread across 16 offices, for one year. Following this period, Arup plans to assess ...
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Case StudiesAdmiral Group supports employees financially to lower stress and boost performance
Insurer Admiral Group has approximately 7,500 employees, predominantly based in Cardiff and working in roles ranging from customer service through to technical support. It has a relatively young workforce, with an average age in the early 30s, roughly equally split between men and women.The organisation bases its benefits strategy around ...
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Supplier articleIs poor financial wellbeing crippling employees?
Financial worries have plagued employees and employers alike for decades. However, in such an uncertain economic climate, the discrepancy between how employers feel monetary concerns affect employees and how it is often underestimated. According to Dr Cary Cooper, leading expert in workplace wellbeing at the University of Manchester, there is ...